Impact Minerals (ASX:IPT) news flow from discoveries at its Broken Hill Project continues unabated, but the latest adds intrigue from a scale perspective.
While the recent very high-grade results from Red Hill have caught the markets attention, today the company has revealed a strong electro-magnetic (EM) conductor 20 kilometres to the north-east.
Impact have really only just scratched the surface of the project in exploration terms, and considering the world-class location in New South Wales, the company will remain very firmly on the radar of investors.
The new area is referred to as the Platinum Springs Prospect, with a high conductance anomaly at least 100 metres long, and is close to two previous high-grade drill intercepts in massive sulphide including:
- 2 metres at 10.9 g/t platinum, 23.6 g/t palladium, 0.9 g/t gold, 6.1% copper, 4.5% nickel and 35 g/t silver; and
- 2 metres at 8.4 g/t platinum, 3% nickel and 3.6% copper (no palladium or gold assay).
These two drill holes were completed by previous explorers to Impact.
PGM importance to Broken Hill
Impact has discovered some of the highest grade drill assays for PGE’s ever reported in Australia at Red Hill.
Investors will now await to see what Platinum Springs will reveal next, and Impact has a plan to expedite results.
The new EM anomaly has been fast tracked for drilling, with statutory environmental approvals being lodged shortly. In addition a ground EM survey will commence this weekend to further refine the anomaly for drilling.
A timeline to drilling would therefore could be estimated at anywhere from 6 to 8 weeks, but this can change.
Andrew Forrest
Mike Jones, managing director for Impact, told Proactive Investors exclusively today that the relationship with Andrew Forrest's Squadron Resources is mutually beneficial, and has included numerous technical discussions on all of its projects as well as the recent discoveries.
Squadron has agreed to invest up to $7.3 million to fund the company’s aggressive exploration plans.
Perth-broker Patersons Securities has a Speculative Buy rating on the company.
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